Neiman Marcus is one of the most storied names in American retail, a luxury department store that taught the country what high fashion could look like far from New York or Paris. Founded in Dallas in 1907, the brand survived a fire, the Great Depression, two bankruptcies, and waves of private equity ownership to remain a byword for extravagance, best symbolized by its legendary Christmas Book and its outrageous Fantasy Gifts.
Today, Neiman Marcus is at the center of one of retail’s biggest dramas. Its parent company, Saks Global, emerged from Chapter 11 bankruptcy in June 2026 with a dramatically smaller store fleet, and the historic downtown Dallas flagship is set to close after more than a century. This is the full brand story: the founders, the golden years, the milestones, the controversies, and where Neiman Marcus stands in 2026.
Who Founded Neiman Marcus? The 1907 Dallas Origin Story
Neiman Marcus was founded in September 1907 in Dallas, Texas, by Herbert Marcus, his sister Carrie Marcus Neiman, and her husband, Abraham Lincoln “Al” Neiman. The trio pooled their savings from a successful Atlanta advertising business and opened a store devoted to something Dallas had never seen: ready-to-wear women’s clothing of genuinely fine quality, at a time when wealthy women still had their wardrobes custom made.
Retail lore has long held that the founders chose the store over an early investment opportunity connected to a then-obscure soft drink called Coca-Cola, a decision the family joked about for generations. The store itself was an immediate success, thriving on Texas oil and cotton money despite opening just weeks before the Panic of 1907.
The original store burned down in 1913, and the company rebuilt at the corner of Main and Ervay Streets in downtown Dallas in 1914. That building became the brand’s spiritual home, and it remained the flagship of Neiman Marcus for more than 110 years. The founding partnership itself did not last: after Al and Carrie Neiman divorced, Al sold his interest in the company in 1928, leaving the Marcus family firmly in control.
The Stanley Marcus Era: How Neiman Marcus Became a Luxury Icon
Stanley Marcus, Herbert’s eldest son, is the single person most responsible for turning Neiman Marcus from a fine Dallas store into a global luxury legend. He joined the company in 1926, became president in 1950 after his father’s death, and led the business into the 1970s, earning a reputation as one of the greatest merchants of the twentieth century.
Stanley Marcus pioneered ideas that are now standard in luxury retail. He staged weekly fashion shows in the store, launched elaborate “Fortnight” celebrations that showcased the culture and products of a different country each fall, and cultivated personal relationships with designers and celebrity clients around the world. Under his leadership, Neiman Marcus became shorthand for Texas-sized luxury.
Carrie Marcus Neiman also deserves far more credit than she often receives. As the store’s fashion authority for decades, she set the standard of taste and quality that defined the brand, personally selecting merchandise and mentoring buyers until her death in 1953.
What Is the Neiman Marcus Christmas Book?
The Neiman Marcus Christmas Book is the retailer’s famous holiday catalog, first mailed in 1926 as a simple Christmas card inviting customers to shop. Over the decades it evolved into one of the most anticipated publications in retail, largely because of its over-the-top Fantasy Gifts, a tradition that began in earnest under Stanley Marcus, who understood the publicity value of offering things no one else would dare sell.
Past Fantasy Gifts have included his-and-hers airplanes, camels, submarines, and even a mummy case, generating worldwide press coverage every year. The tradition continues: the 2025 edition featured Fantasy Gifts ranging from about $47,000 to $500,000, including a custom Christian Louboutin equestrian saddle, a portrait session with photographer Annie Leibovitz, and a personalized Crayola pet sculpture.
The catalog even generated its own controversy. In 2024, the company rebranded the publication as the “Holiday Book,” dropping the word “Christmas” from the name, a change that drew criticism from some customers and commentators while the retailer emphasized inclusivity and a broader seasonal focus.
Neiman Marcus Achievements and Milestones
Neiman Marcus built its reputation on a long list of luxury retail firsts and landmark moments. Here are the achievements that matter most in the brand’s history.
- The Neiman Marcus Fashion Award (1938): Often called the “Oscar of fashion,” this award honored figures such as Coco Chanel, Christian Dior, and Yves Saint Laurent, and helped put Dallas on the global fashion map decades before other American cities outside New York.
- National expansion: After opening suburban Dallas and Texas locations in the 1950s and 1960s, Neiman Marcus opened its first store outside Texas in Bal Harbour, Florida, in 1971, beginning its transformation into a national luxury chain.
- Bergdorf Goodman: Through the Neiman Marcus Group, formed in 1987, the company became the owner of Bergdorf Goodman, the iconic Fifth Avenue luxury retailer in New York, uniting two of America’s most prestigious store names.
- InCircle (1984): Neiman Marcus launched InCircle, one of the first loyalty programs in luxury retail, rewarding top-spending customers years before points programs became an industry standard.
- Retail recognition: Stanley Marcus’s memoir Minding the Store became required reading in retail, and he was widely honored as a merchant, tastemaker, and author, cementing the family’s place in business history.
Neiman Marcus Controversies and Challenges
For all its glamour, Neiman Marcus has faced serious financial and legal troubles, particularly over the last two decades. Most of its modern problems trace back to one thing: debt.
Why Did Neiman Marcus Go Bankrupt in 2020?
Neiman Marcus filed for Chapter 11 bankruptcy in May 2020 because it was carrying roughly $5 billion in debt when COVID-19 forced its stores to close. The debt was the legacy of two leveraged buyouts: a private equity acquisition by TPG and Warburg Pincus in 2005 for about $5.1 billion, followed by a $6 billion sale to Ares Management and the Canada Pension Plan Investment Board in 2013.
The company emerged from bankruptcy in September 2020 under the ownership of its creditors, including PIMCO, Davidson Kempner Capital Management, and Sixth Street. The process was contentious: the transfer of the fast-growing MyTheresa e-commerce business out of creditors’ reach before the filing sparked bitter legal fights, and the episode became one of the most controversial restructurings in retail.
Neiman Marcus Data Breaches
Neiman Marcus has suffered multiple cybersecurity incidents. A 2013 breach exposed hundreds of thousands of customer payment cards and led to a multistate settlement. More recently, a 2024 breach tied to the company’s Snowflake cloud database account affected roughly 64,000 customers, and Neiman Marcus agreed to a $3.5 million class action settlement to resolve the resulting lawsuit.
The Saks Global Debt Crisis
The biggest recent controversy is the fallout from the Saks Global merger itself. In December 2024, Saks Fifth Avenue’s parent acquired Neiman Marcus Group for $2.65 billion, with backing that included investments from Amazon and Salesforce. The combined company almost immediately struggled to pay vendors, and in January 2026 Saks Global filed for Chapter 11 bankruptcy, weighed down by roughly $4.7 billion in debt from the deal. Store closures and layoffs followed, angering employees, landlords, and longtime customers.
Is Neiman Marcus Closing Stores? The Saks Global Era
Yes, Neiman Marcus is closing some stores, but the brand itself is not going away. As part of Saks Global’s bankruptcy restructuring in 2026, the company announced waves of closures affecting both Saks Fifth Avenue and Neiman Marcus locations, including 15 additional stores announced in March 2026.
The most emotional loss is the original downtown Dallas flagship at 1618 Main Street, which Saks Global confirmed will close on September 30, 2026, ending a presence of more than 112 years in the building where the modern brand was born. The decision came despite public outcry in Dallas and earlier company statements pushing back on closure rumors.
The human cost has been significant as well. Saks Global cut about 640 corporate jobs in April 2026, roughly 16 percent of its corporate workforce, on top of more than 1,200 store-level positions eliminated through closures since the January bankruptcy filing.
Key People Behind Neiman Marcus
Neiman Marcus has always been a family story at heart. Herbert Marcus provided the business vision, Carrie Marcus Neiman the impeccable taste, and Al Neiman the early salesmanship, though his departure after his divorce from Carrie in 1928 ended the partnership that gave the store its name. Stanley Marcus then defined the company for half a century, followed by his son Richard Marcus, who led the retailer into the 1980s as family control gave way to corporate ownership under Carter Hawley Hale and, later, the Neiman Marcus Group.
In the modern era, CEO Geoffroy van Raemdonck steered the company through the 2020 bankruptcy and the sale to Saks Global, after which Saks executive chairman Richard Baker and CEO Marc Metrick took charge of the combined business. The brand’s partnerships have always been part of its identity, from its designer award winners to modern collaborations and exclusive capsule collections with the world’s top luxury houses.
Neiman Marcus Latest News: 2025-2026
The biggest news is that Saks Global exited bankruptcy in June 2026 with Neiman Marcus positioned as its lead brand. On June 6, 2026, a U.S. bankruptcy judge approved the reorganization plan, cutting the company’s debt by roughly 75 percent and leaving a leaner footprint of about 49 stores, including roughly 32 to 33 Neiman Marcus locations, around 15 Saks Fifth Avenue stores, and Bergdorf Goodman.
Industry analysts, including coverage in Forbes, have noted that Neiman Marcus is emerging as the strongest nameplate in the portfolio, with the post-bankruptcy strategy concentrating investment in high-performing luxury markets. Meanwhile, the 2025 Holiday Book and its Fantasy Gifts showed the brand still knows how to command attention, and the countdown to the September 2026 closure of the downtown Dallas flagship has prompted tributes across Texas and the retail world.
Neiman Marcus FAQ: People Also Ask
Who owns Neiman Marcus?
Neiman Marcus is owned by Saks Global, the company formed when Saks Fifth Avenue’s parent acquired Neiman Marcus Group for $2.65 billion in December 2024. Saks Global also owns Saks Fifth Avenue and Bergdorf Goodman, and it restructured its ownership and debt through a Chapter 11 process completed in June 2026.
Is Neiman Marcus going out of business?
No. Neiman Marcus is not going out of business, but its parent company closed a number of stores during its 2026 bankruptcy restructuring. Roughly 32 to 33 Neiman Marcus stores remain open, and the brand is now considered the flagship nameplate of Saks Global.
Is Neiman Marcus more upscale than Nordstrom?
Generally, yes. Neiman Marcus is positioned above Nordstrom in the luxury hierarchy, focusing on top-tier designer fashion, fine jewelry, and ultra-luxury price points, while Nordstrom spans a broader range from accessible contemporary brands to designer goods. Neiman Marcus competes most directly with Saks Fifth Avenue and Bergdorf Goodman.
What is the Neiman Marcus Christmas Book?
The Christmas Book, renamed the Holiday Book in 2024, is Neiman Marcus’s annual holiday gift catalog, first published in 1926. It is famous for its Fantasy Gifts, one-of-a-kind offerings that have ranged from his-and-hers airplanes to a $500,000 experience in the 2025 edition.
Why is the downtown Dallas Neiman Marcus closing?
Saks Global decided to close the 1618 Main Street flagship on September 30, 2026, as part of its post-bankruptcy plan to cut costs and focus on its most profitable locations. The closure ends more than 112 years of history at the site of the brand’s original home.
Are Neiman Marcus and Saks Fifth Avenue the same company?
They are separate brands under the same owner. Since the December 2024 merger, both Neiman Marcus and Saks Fifth Avenue have operated as part of Saks Global, along with Bergdorf Goodman, though each keeps its own stores, website, and brand identity.
Conclusion: What Neiman Marcus Means Now
Few American retailers have lived a bigger life than Neiman Marcus: a family store that redefined luxury, an institution that gave the world the Christmas Book, and a survivor of debt crises that felled many of its peers. The brand enters late 2026 smaller but steadier, with less debt, fewer stores, and a new role as the lead name in the Saks Global portfolio. The downtown Dallas flagship may be closing, but nearly 120 years after Herbert Marcus, Carrie Marcus Neiman, and Al Neiman opened their doors, the name above them still means luxury.